# State Bank of New South Wales

The State Bank of New South Wales, from 1933 until 1981 known as the Rural Bank of New South Wales, was a bank that was owned by the Government of New South Wales. In 1994, it was taken over by Colonial Mutual and became the Colonial State Bank and then sold to the Commonwealth Bank in 2000.

## History of operations
### Founding and growth

By early 1931, the Government Savings Bank was in financial trouble in the midst of the Great Depression, and on 22 April 1931 the Bank suspended payments after a drain on its cash resources. On 15 December 1931, the majority of the Government Savings Bank was amalgamated into the Commonwealth Savings Bank. The Rural Bank and Advance Homes Departments of the Government Savings Bank were not taken over by the Commonwealth Savings Bank, and continued to operate. In late 1932, the NSW Government led by Assistant Treasurer Eric Spooner introduced legislation to reconstitute what remained of the Government Savings Bank into a new "Rural Bank of New South Wales", with a specific mandate to support primary industries and not to operate as a traditional general lending bank, governed by a board of three commissioners.
On 23 December 1932, the Rural Bank of New South Wales Act, 1932 was passed by the NSW Parliament, and on 1 July 1933 the new institution and board of commissioners commenced operations to replace the old Government Savings Bank. The former chairman of the GSB, William O'Malley Wood, was appointed president and commissioner, with Clarence McKerihan and Henry Rogers appointed as commissioners.
On 19 December 1947, the NSW Parliament passed the Rural Bank of New South Wales (General Banking) Act, 1947, which merged the Rural Bank Department, the Advances for Homes Department, and the Personal Loans Department, into a General Bank Department, and authorised the bank to operate as a regular trading bank. On this change, the Premier of NSW, Jim McGirr, commented:
   "The primary object of this important legislation is to widen the scope of the bank's functions in order to place it on an equal footing with other banks in this State. The measure is in accordance with the Government's policy of fostering an institution that has in the past provided a valuable service to the people and has assisted in implementing various governmental schemes."

### State Bank

On 2 November 1981, the State Bank Act came into effect, which reconstituted the Rural Bank as the "State Bank of New South Wales", governed by a board of seven directors, and changed the mandate to that of a standard commercial bank. The bank's slogan for many years was "We do more for you personally". On the change of the Rural Bank to the State Bank, a former bank employee, Bruce R. Turner, later recalled:
   In line with its motto, the [Rural] bank's customers were put first at every stage. For instance, if a customer thought he or she had been charged a fee unfairly, the branch staff had the delegation to make an assessment and waive the fee if the circumstances warranted. As the 1980s progressed, the State Bank's stewardship changed and the business transformation accelerated. The bank's balance sheet became more highly leveraged, profitability became the key driver, and customer service standards started to decline. Many of the branch staff were the same, but a new culture was being framed. Delegations for local staff to make local decisions were wound back (including delegations to waive and refund unfair fees and charges).
The bank was 'corporatised' in 1990, under the State Owned Corporations Act 1989 (NSW) and the State Bank (Corporatisation) Act 1989 (NSW). On 14 May 1990, the existing State Bank was dissolved, and all of its assets and business undertaking were vested in an incorporated State Bank, limited by shares.

### Privatisation and merger

On 23 November 1994, the NSW Government sold the bank to Colonial Mutual, a financial services company, through the State Bank (Privatisation) Act 1994. Although initially retaining the State Bank name, the bank then changed its name to Colonial State Bank in 1996. In 2000, it too was taken over, this time by the Commonwealth Bank of Australia.

## Executives
### Rural Bank, 1933–1981

The board of the Rural Bank consisted of three (later five) commissioners appointed by the Governor on the advice of the Premier for a term of seven years, with one of the commissioners appointed as president/general manager. A deputy president could also be appointed to fill in during a long period of absence of the president.

#### Presidents

| # | Officeholder | Term start date | Term end date | Time in office |
| 1 | William O'Malley Wood | 1 July 1933 (1933-07-01) | 17 April 1934 (1934-04-17) | 290 days |
| 2 | Sir Clarence McKerihan | 18 April 1934 (1934-04-18) | 6 May 1961 (1961-05-06) | 27 years, 18 days |
| 3 | John Callachor Fletcher | 6 May 1961 (1961-05-06) | 1 July 1971 (1971-07-01) | 10 years, 56 days |
| 4 | Albert Oliver | 1 July 1971 (1971-07-01) | 2 November 1981 (1981-11-02) | 10 years, 124 days |

#### Commissioners

| Officeholder | Term start date | Term end date | Time in office |
| William O'Malley Wood | 1 July 1933 (1933-07-01) | 17 April 1934 (1934-04-17) | 290 days |
| Sir Clarence McKerihan | 1 July 1933 (1933-07-01) | 6 May 1961 (1961-05-06) | 27 years, 309 days |
| Henry Rogers | 1 July 1933 (1933-07-01) | 14 November 1952 (1952-11-14) | 19 years, 136 days |
| Patrick Kearns | 18 April 1934 (1934-04-18) | 31 December 1948 (1948-12-31) | 14 years, 257 days |
| John Callachor Fletcher | 15 March 1950 (1950-03-15) | 1 July 1971 (1971-07-01) | 21 years, 108 days |
| Bruce Sidney Smith | 9 January 1953 (1953-01-09) | 11 June 1960 (1960-06-11) | 7 years, 154 days |
| Sydney Manning Norton | 12 June 1960 (1960-06-12) | 18 December 1963 (1963-12-18) | 3 years, 189 days |
| Sir Norman Rydge | 22 February 1961 (1961-02-22) | 5 March 1976 (1976-03-05) | 15 years, 12 days |
| Sir James Frederick John Auswild | 22 February 1961 (1961-02-22) | 2 November 1981 (1981-11-02) | 20 years, 253 days |
| Edward Thomas Carroll | 17 May 1961 (1961-05-17) | 1 June 1971 (1971-06-01) | 10 years, 15 days |
| Robert Hewiston Cooper | 18 December 1963 (1963-12-18) | 5 August 1971 (1971-08-05) | 7 years, 230 days |
| Albert Oliver | 1 July 1971 (1971-07-01) | 2 November 1981 (1981-11-02) | 10 years, 124 days |
| Douglas Joseph Byrne | 6 August 1971 (1971-08-06) | 1 October 1973 (1973-10-01) | 2 years, 56 days |
| William Leslie Evans | 2 June 1971 (1971-06-02) | 18 June 1975 (1975-06-18) | 4 years, 16 days |
| Jim Ernest Frederick McKensey | 1 October 1973 (1973-10-01) | 2 June 1980 (1980-06-02) | 6 years, 245 days |
| Eric Randall Leslie Kay | 19 June 1975 (1975-06-19) | 10 February 1980 (1980-02-10) | 4 years, 236 days |
| Henry Percival Anderson | 5 March 1976 (1976-03-05) | 2 November 1981 (1981-11-02) | 5 years, 242 days |
| Kenneth George Dennewald | 11 February 1980 (1980-02-11) | 2 November 1981 (1981-11-02) | 1 year, 264 days |
| Nicholas Whitlam | 2 June 1980 (1980-06-02) | 2 November 1981 (1981-11-02) | 1 year, 153 days |

### State Bank, 1981–1994

From 2 November 1981, the board of the State Bank consisted of seven directors appointed by the Governor on the advice of the Premier, with one of the directors appointed as managing director.

#### Managing Directors/CEO

| # | Officeholder | Term start date | Term end date | Time in office | Notes |
| 1 | Nicholas Whitlam | 2 November 1981 (1981-11-02) | 29 June 1987 (1987-06-29) | 5 years, 239 days | |
| 2 | John O'Neill | 30 June 1987 (1987-06-30) | 23 November 1994 (1994-11-23) | 7 years, 146 days | |

#### Directors

| Officeholder | Term start date | Term end date | Time in office | Notes |
| Kenneth George Dennewald | 2 November 1981 (1981-11-02) | 19 August 1984 (1984-08-19) | 2 years, 291 days | Deputy |
| Sir Roden Cutler | 2 November 1981 (1981-11-02) | 3 November 1987 (1987-11-03) | 6 years, 1 day | Chairman |
| Henry Percival Anderson | 2 November 1981 (1981-11-02) | 13 April 1989 (1989-04-13) | 7 years, 162 days | |
| Bruce K. Maitland | 2 November 1981 (1981-11-02) | 3 November 1987 (1987-11-03) | 6 years, 1 day | |
| Robert C. Nicholls | 2 November 1981 (1981-11-02) | 3 November 1987 (1987-11-03) | 6 years, 1 day | |
| Terrence Malcolm Griffir | 26 February 1982 (1982-02-26) | 1 March 1985 (1985-03-01) | 3 years, 3 days | |
| Donald Graeme Adams | 20 August 1984 (1984-08-20) | 1 February 1988 (1988-02-01) | 3 years, 165 days | Deputy |
| Reginald Garry Walter Murphy | 1 March 1985 (1985-03-01) | 1 March 1988 (1988-03-01) | 3 years, 0 days | |
| Percy Allan | 4 November 1987 (1987-11-04) | 1 March 1990 (1990-03-01) | 2 years, 117 days | |
| Graham John Kelly | 4 November 1987 (1987-11-04) | 1 March 1990 (1990-03-01) | 2 years, 117 days | |
| David Lowy | 4 November 1987 (1987-11-04) | 1 March 1990 (1990-03-01) | 2 years, 117 days | |
| Neville Watkins | 1 March 1988 (1988-03-01) | 1 March 1990 (1990-03-01) | 2 years, 0 days | |
| David Greatorex | 1 August 1988 (1988-08-01) | 21 June 1993 (1993-06-21) | 4 years, 324 days | Chairman 1990–1993 |
| John Valder | 14 April 1989 (1989-04-14) | 23 November 1994 (1994-11-23) | 5 years, 223 days | |
| Richard Austen | 1 March 1990 (1990-03-01) | 23 November 1994 (1994-11-23) | 4 years, 267 days | |
| Richard Norman Hamilton Denton | 1 March 1990 (1990-03-01) | 23 November 1994 (1994-11-23) | 4 years, 267 days | |

## Former bank buildings

* Former Rural Bank Head Office, Martin Place, Sydney, demolished in 1983.
* Former State Bank Head Office, Martin Place, Sydney, showing bank logo in granite facade
* West Wyalong, New South Wales Branch
* Detail West Wyalong Branch
* Leeton, New South Wales Branch
* Griffith, New South Wales Branch
* Corowa, New South Wales Branch
* Dareton, New South Wales Branch
* Parramatta Branch
There are many former buildings of the Rural Bank and its successors that are heritage listed:
* 253, 257 Auburn Street, Goulburn (Goulburn Mulwaree LEP).
* 16-22 Kurrajong Avenue, Leeton (1935; Leeton LEP).
* Corner Macquarie Street and Memorial Avenue, Liverpool (Liverpool LEP).
* 1 Wharf Street, Murwillumbah (Tweed LEP).
* 92-94 Hyde Street, Bellingen (Bellingen LEP).
* 32 Blackwall Road, Woy Woy (Central Coast LEP).
* 16 George Street, Parramatta (1938; Parramatta LEP).
* 107 Otho Street, Inverell (Inverell LEP).
* 217-223 Cressy Street, Deniliquin (1935; Edward River LEP).
* 94-100 Summerland Way, Kyogle (Kyogle LEP).
* 150 Mann Street, Gosford (1934; Central Coast LEP).
* 98 Pacific Highway, Wyong (Central Coast LEP).
* 45 Bridge Street, Muswellbrook (1935 archaeology remains; Muswellbrook LEP).
* 2 Station Street, Quirindi (1908/1932; Liverpool Plains LEP).
* Cnr Railway and Kooyoo Streets, Griffith (Griffith LEP).
* 113 Barker Street, Casino (1935; Richmond Valley LEP).
* 274 Parker Street, Cootamundra (Cootamundra–Gundagai LEP).
* 145-149 Sanger Street, Corowa (1936; Federation LEP).
* 44-46 Tapio Avenue, Dareton (Wentworth LEP).
* 110 Main Street, West Wyalong (Bland LEP).
* 642 Dean Street, Albury (1937; Albury LEP).
* 140 Victoria Street, Taree (1935; Mid-Coast LEP).
* 70 Yapunyah Street, Barellan (Narrandera LEP).
* 62 Market Street, Mudgee (1926; Mid-Western Regional LEP).
* 245 Grey Street, Glen Innes (1935; Glen Innes Severn LEP).
* 159 Hoskins Street, Temora (1934; Temora LEP).
* 65 Dandaloo Street, Narromine (1939; Narromine LEP).
* 147 Comur Street, Yass (1886/1935; Yass Valley LEP).
* 192 High Street, Hillston (1935/1939; Carrathool LEP).